No reason to despair about the present and worry for future as India on right trajectory, Prime Minister addresses Pravasi Bharatiya Divas

January 9, 2014, 11:25 am

Prime Minister Manmohan Singh has said there is no reason to despair about the present or worry about the future of Indian economy as the nation is heading into better times ahead while urging Indian staying abroad to remain engaged in the future of this country with confidence and optimism.

Listing five key areas in his address at the 12 Pravasi Bharatiya Divas in New Delhi, Prime Minister Manmohan Singh said recent developments point to the greater enrichment of our democracy, which is becoming more participative and interactive, with people using both traditional methods and new digital tools to mobilize and communicate. “It is especially encouraging to see our youth from all walks of life not only articulate their expectations and aspirations, but take actively to politics to shape their future. This is only to be welcomed. It is only thus that the extraordinary transformation that is taking place in our country on multiple levels can be distilled constructively into our democratic process, which has the vitality and responsiveness to reflect the new and emerging concerns and hopes and aspirations of our people.”

While stating that Indian economy has done well over the past decade, Dr Singh said in the nine years since 2004, we averaged a healthy growth rate of 7.9% per annum. There has been no doubt a slow down in the recent past, but despite these challenges, our economic fundamentals remain strong. “Our savings and investment rates are still over 30% of our GDP and the entrepreneurial spirit in India is very much alive and kicking.”

Drawing his attention to the mega projects, Dr Manmohan Singh the nation has taken a very wide range of decisions to accelerate the implementation of mega infrastructure projects, reform tax administration, improve fiscal management, liberalize foreign direct investments and rationalize the system for allocation and utilization of natural resources.

“Over the past ten years, our communication networks have expanded exponentially and much of rural India will be connected by broadband in the very near future. About a thousand institutions of higher education are today part of the high speed National Knowledge Network. Telephony is now within the reach of everyone”.

Education and 17,000 kilometers of highways and 2,00,000 of new road in rural areas and increase power generation has set India to a great development model. “Our growth has become social inclusive and regionally more balanced”, the prime Minister said and added “inclusive development has always been the guiding principle of our Government and we have pursued it with great vigour and purpose in recent years. Our poverty levels are declining at faster rates; economically weaker states are growing at faster rates; agriculture growth has accelerated; and real rural wages have increased three times since 2004.”

Finally he said India has taken several initiatives for transparency ,accountable and clean system of governance and given power to audit agencies.

The Prime Minister also welcomed Datuk Seri G. Palanivel, Federal Minister for Natural Resources & Environment of the Republic of Malaysia and President of the Malaysian Indian Congress., key guest at the Pravasi Bharatiya Divas